Trump’s private Mar-a-Lago could lose as much as 25% of its profits as 16 charities have canceled private events as the fallout from the President’s Charlottesville remarks hits him the wallet.
The Washington Post reported, “The big gala events each seem to bring in more than $100,000 per night, according to a survey of charity leaders and tax documents. The luncheons can bring in anywhere from $24,000 to more than $80,000. Even these lowball numbers yield an estimate of $1.1 million in revenue that Trump’s club could have expected from the 14 lost events. That’s a significant sum, although Mar-a-Lago has other streams of revenue: initiation fees, member dues, hotel suites and restaurants and bars catering to members and guests.”
The club was already facing a slow season as the number of galas dropped from 26 in 2015 to 21 in 2016 to a schedule of 2. Trump’s arrival on the national political scene coincided with the decline in bookings at his private club. Trump is paying a financial price for basing his political support on bigotry, racism, and extremism.
The Trump brand is being tarnished, and its consumer appeal is being gutted by Donald Trump one tweet at a time.
Companies and charities don’t want to get caught up in political partisanship, so being associated with the Trump name carries a potentially heavy price with consumers and donors. Trump is toxic. Charities don’t want to be associated with racism and bigotry. Donald Trump insisted on trying to use the presidency for personal profit, but in this case, his willful conflicts of interest cost him millions of dollars.